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Analysts at TD Securities explain that the New Zealand’s  Q3 terms of trade were weaker than expected at -0.3% as +2.3%/q export prices were solid but more than offset by import prices lifting by +2.6%/q.

Key Quotes

“Our tracking for Q4 is not pretty at -1.5%/q due to a slump in dairy prices, but at least fuel prices stopped accelerating.”